The Debt Machine

Lenders outside conventional banking are helping companies get further into debt. What will the consequences be as the economy tilts towards a recession?

© Adam Simpson

FT readers give their feedback on our series about lenders outside conventional banking

New dangers emerging in the credit markets should not be dismissed

An economist and a credit investor argue for and against the increase in this type of corporate borrowing

Risky companies pile on more debt with fewer safeguards, despite regulatory scrutiny

Explosive growth of US private debt market brings parallels to ‘wild west’

New names step up to fuel America’s engine as capital-strapped banks pull back

More from this Series

Designers of CLOs say that structures are much safer than crisis-era cousins

Byzantine debt structures will lead to lengthy, litigious and very costly bankruptcies

How do weaker borrowers get their hands on credit? 

Video: As lender protections weaken and more investors snap up these risky assets, some watchdogs warn that the booming market could pose a threat to the financial system

Regulators fear looser lending standards for low-rated companies could precipitate the next downturn